Summit Midstream Partners (NYSE:SMC) Hits New 52-Week High - Still a Buy?

Summit Midstream Partners, LP (NYSE:SMC - Get Free Report)'s stock price reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $35.05 and last traded at $34.6470, with a volume of 160923 shares trading hands. The stock had previously closed at $31.84.

Wall Street Analyst Weigh In

SMC has been the topic of several analyst reports. Summit Redstone set a $39.00 price target on shares of Summit Midstream Partners in a research note on Monday, August 3rd. Weiss Ratings raised shares of Summit Midstream Partners from a "sell (d-)" rating to a "hold (c-)" rating in a research report on Wednesday, May 13th. Finally, TD Cowen assumed coverage on shares of Summit Midstream Partners in a research note on Tuesday, August 4th. They set a "buy" rating and a $39.00 price objective on the stock. Two analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, Summit Midstream Partners presently has a consensus rating of "Moderate Buy" and a consensus target price of $41.67.

Summit Midstream Partners Stock Performance

The company's fifty day moving average price is $29.96 and its two-hundred day moving average price is $29.92. The company has a debt-to-equity ratio of 1.59, a quick ratio of 1.20 and a current ratio of 1.20. The firm has a market capitalization of $704.69 million, a PE ratio of -31.21 and a beta of 0.71.

Summit Midstream Partners (NYSE:SMC - Get Free Report) last released its earnings results on Monday, August 10th. The company reported $0.11 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.36) by $0.47. Summit Midstream Partners had a negative net margin of 0.06% and a negative return on equity of 0.04%. The firm had revenue of $155.01 million during the quarter, compared to the consensus estimate of $169.00 million. As a group, equities analysts expect that Summit Midstream Partners, LP will post -0.93 earnings per share for the current year.

Summit Midstream Partners declared that its Board of Directors has authorized a share buyback plan on Monday, June 1st that authorizes the company to repurchase $35.00 million in outstanding shares. This repurchase authorization authorizes the company to buy up to 6.5% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's leadership believes its shares are undervalued.

Insider Buying and Selling at Summit Midstream Partners

In other news, VP James David Johnston sold 2,600 shares of the business's stock in a transaction on Thursday, July 2nd. The shares were sold at an average price of $29.72, for a total transaction of $77,272.00. Following the completion of the sale, the vice president directly owned 75,357 shares of the company's stock, valued at $2,239,610.04. The trade was a 3.34% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Jerry L. Peters sold 10,000 shares of the company's stock in a transaction on Tuesday, May 19th. The stock was sold at an average price of $32.00, for a total value of $320,000.00. Following the sale, the director owned 16,979 shares of the company's stock, valued at approximately $543,328. The trade was a 37.07% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 42.96% of the stock is owned by insiders.

Hedge Funds Weigh In On Summit Midstream Partners

Hedge funds and other institutional investors have recently modified their holdings of the company. Invesco Ltd. grew its holdings in shares of Summit Midstream Partners by 0.3% during the 4th quarter. Invesco Ltd. now owns 971,063 shares of the company's stock worth $25,908,000 after purchasing an additional 2,983 shares during the period. Deltroit Asset Management UK LLP purchased a new position in Summit Midstream Partners in the fourth quarter valued at approximately $18,864,000. Geode Capital Management LLC lifted its position in Summit Midstream Partners by 3.3% during the fourth quarter. Geode Capital Management LLC now owns 238,063 shares of the company's stock valued at $6,353,000 after buying an additional 7,497 shares in the last quarter. ARK & TLK Investments LLC lifted its position in Summit Midstream Partners by 99.4% during the fourth quarter. ARK & TLK Investments LLC now owns 223,525 shares of the company's stock valued at $5,964,000 after buying an additional 111,441 shares in the last quarter. Finally, Millennium Management LLC grew its stake in Summit Midstream Partners by 320.2% during the first quarter. Millennium Management LLC now owns 204,265 shares of the company's stock worth $6,923,000 after buying an additional 155,655 shares during the period. 42.97% of the stock is owned by institutional investors and hedge funds.

Summit Midstream Partners Company Profile

Summit Midstream Partners is a publicly traded master limited partnership that provides gathering, compression, processing and transportation services for natural gas, natural gas liquids (NGLs) and crude oil in key U.S. onshore basins. The company's assets include a network of intrastate and interstate pipelines, processing plants, fractionators and storage facilities designed to serve producers, marketers and end users throughout the Appalachian, Gulf Coast, Mid-Continent and Western Canadian Sedimentary basins.

In the Appalachian region, Summit operates extensive gathering lines and multiple gas-processing complexes connected to the Mountaineer NGL Hub, one of the largest fractionation and storage hubs in the Mid-Atlantic.

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